Indian startups raise over $162 million from July 15 to 20, 2024; Auxilo Finserve tops the list

Between July 15 and 20, 2024, as many as 25 startups from various sectors raised over USD 162 million in financing from investors.

These sectors include financial services companies (NBFCs), eyewear, fashion, transportation services, skin care, healthcare, financial technology, software as a service (SaaS) and gaming.

Last week, Indian startups raised over $114 million in funding, with Mumbai-based wealthtech startup Dezerv alone raising $32 million.

Unlike merger and acquisition deals, which typically do not involve financial disclosure, these financing rounds provide insight into sectors of growing investor interest.

High-value offers

A variety of sectors attracted investments during the week, with NBFCs leading the way. Leading the way was Mumbai-based education finance company Auxilo Finserve, which raised $30 million in a funding round led by LeapFrog Investments through its investment vehicle Jade Inclusion.

Electric ride-hailing startup BluSmart has raised $24 million in a pre-Series B funding round.

The list was followed by Peyush Bansal-led eyewear startup Lenskart, fashion-tech brand NEWME, and commercial drone solutions startup Aereo, which have collectively raised $52.2 million, have raised $19.12 million, NEWME has raised $18 million, and Aereo has raised $15 million.

Emerging startups

Ride-hailing startup MyPickup raised the smallest amount, securing $170,000 in a seed round. Then, fashion tech startup Frendy raised $240,000 in debt funding. Personal care startup Honestly raised $380,000 in a pre-seed round, and electric vehicle startup Perpetuity Capital raised $830,000 via a non-convertible note (NCD).

Skincare startup SkinInspired raised $1.5 million in a seed funding round, as did health tech startup Lifetime Health and fintech startup Multipli, which also raised $1.5 million in their own seed funding rounds.

Healthcare startup Icanheal and AI startup Fibr have each raised $1.8 million. Startup Ninecamp Ventures, founded by a former Zomato executive, has raised $2 million in a seed round.

Water technology startup Boon raised $5 million in a Series A funding round, while education technology startup byteXL raised $5.9 million in a Series A funding round. Nurture Well raised $6 million in funding. Corvi LED raised $8 million in a Series B funding round, followed by NBFC Seed Fincap which raised $8.5 million in a Series A funding round. Ride-hailing startup Namma Yatri raised $11 million in a pre-Series A funding round.

Meanwhile, fintech startup Getepay, fintech startup Abhay HealthTech, fintech startup Bitscale and fintech startup Validus Fintech have not disclosed details of the funding.

The most important information about mergers and acquisitions

The period also saw strategic mergers and acquisitions. Mumbai-based gaming company Nazara Technologies acquired an additional 48.42% stake in Paper Boat Apps Pvt. Ltd (PBA) from its promoters, Anupam and Anshu Dhanuka, for Rs 300 crore.

Nikhil Kamath-backed Collective Artists Network has acquired AI-powered influencer marketing platform Galleri5.